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Female savers set to miss out on Isa benefits, say experts

March 20, 2008 by admin  
Filed under News, News-Banking

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Many female consumers are not preparing for their financial future with 20 million set to miss out on investing in the individual savings accounts (Isas), one financial expert has claimed.

According to from the Co-operative Bank, two thirds of women in the UK are without an Isa.

Of the third that do hold one, less than a third intend to invest ahead of this season’s deadline in comparison to more than a half of male spenders who possess one.

Scott McPhail, savings product manager at the Co-operative Bank, said that financial planning is essential for women and not a maybe.

“Women can often retire earlier, and live longer than men, but many are simply not making enough provision for their futures and are failing to take advantage of tax-free savings,” he said.

Despite this, the research showed that women are more likely to be concerned about the state of their finances than men.

Meanwhile, the Association of Investment Companies has warned consumers to take care in researching the various Isa products on offer before making a purchase.

Tags: half, United Kingdom, finance, new research, male spenders, advantage, future

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